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| all profit seeking activities and enterprises that provide goods and services necassary to an econmic system |
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| rewards for business peopel who take the risk involved to offer goods and services to custormers |
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| organizations that has a primary objective such as public service rather than returning a profit to its owner |
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four basic inputs for effective opertstions:
natural resources
capital
human resources
entuerpernuership |
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| all productions inputs that are useful in their natural state including agriculture, land building sites, forest and mineral |
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| Production inputs consisting of technology, tools, information, and physical facilities |
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| Production inputs consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers |
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| Willingness to take risk to create and operate business |
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| Economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system |
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| Person who seeks profitable opportunity and take the necessary rest to set up and operated business |
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| Process of creating an identity in consumers mind for a good service or company and major marketing tool and Comtemporary business |
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| Name, term, sign, symbol, design, or some combination identifies the product of one firm and difference them from competitors offerings |
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| Building and promoting products and I hope that enough customers will buy them to cover cost and earn profit |
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| The business era in which firms seek ways to actively nuture customers loyalty by carefully managing every interaction |
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| Collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties |
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| Business application of knowledge based on scientific discoveries, inventions, and innovations |
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| Partnership form to create competitive advantage for the businesses involved; and international businesses, and business strategy in which a company find a partner in the country where wants to do this |
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| bLending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities to enhance the firm's chances of success |
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| Using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in- country |
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| Relocation of business process to lower cost locations overseas |
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| Outsourcing production for services to locations near a firms homebase |
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| The ability to perceive marketplace needs and what an organization must do to satisfy them |
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| Ability to analyze and assess information to pinpoint problems or opportunities |
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| Capacity to develop novel solutions perceived organizational problems |
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| standards of conduct and mobile use regarding the right and wrong actions in the work environment |
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| Sarbanes-Oxley Act of 2002 |
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| Federal legalization designed to be tear and punish corporate in accounting fraud and corruption and to protect the interest of workers and shareholders through the enhanced financial disclosures criminal penalties and on CEOs and CFOs who defrauded investors safeguards for whistleblowers and establishment of a new regulatory body for public accounting firms |
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| Situation in which an employee must choose between a business is welfare and personal gain |
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| Employees disclose it to the company's officials, government authorities, or the media of the legal and moral and ethical practices committed by an organization |
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| Formal statement that defines how it organization expects employees to resolve ethical issues |
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| Customers, as investors, employees,'s and public affected by or with an interest in the company |
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| Businesses consideration of society's well-being and consumer's satisfaction, in addition to profits |
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| Formal procedure that identifies and evaluates all company activities to relate to social issues such as conservation, employment practices, environmental protection, and philanthropy |
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| Reprocessing of used materials for reuse |
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| A marketing strategy that promotes environmentally safe products and production methods |
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| The capacity to under in ecology |
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| Effort of an organization to make a contribution to the communities in which Ait earns profits |
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| Public demand that a business considers the wants and needs of its customers and making decisions. |
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| The responsibility of manufacturers for injuries and damages caused by their products |
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| a market-based approach to pay higher prices to produce on exports from developing countries to developing countries in order for the developing countries to obtain a better trading conditions and promote sustainability |
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| The family and medical leave act of 1993 states that businesses with 50 or more employees must provide unpaid leave up to 12 weeks annually for any employee who wants time off for the birth of adoption of a child to become a foster parent or to care for seriously ill relative spouse or self if he or she has serious health condition or injury |
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| Biased treatment of a job candidate or employee |
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| equal employment oppurtunity commission (EEOC) |
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Definition
| THIS COMMISSION WAS CREATED TO ENCOURAGE JOB OPPORTUNITIES FOR WOMEN AND MINORITIES INTO HELP AND DISCRIMINATION BASED ON THEIR RACE, COLOR, RELIGION, DISABILITY, GENDER OR NATIONAL ORIGIN OF ANY PERSONNEL ACTION |
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| Unwelcome inappropriate action of sexual nature in the workplace |
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| Discrimination against members of either sex but primarily affecting women |
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| Study of small economic units, such as individual consumers, families, and businesses |
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| Social science that analyze the choices people in government make in allocating scarce resources |
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| Study of the nation's overall economic views, such as how an economy maintains and allocates resources and how a government's policies effective standards of living of its citizens |
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| Willingness and ability of buyers to purchase goods and services |
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| Willingness and ability of sellers to provide goods and services |
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| Graph of the amount of a product that buyers will purchase a different prices |
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| Graph that shows the relationship between different prices and quantities the sellers offer for sale regardless of demand |
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| Prevailing market price at which you can buy an item |
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| Market structure in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on the price |
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| Market structure in which large numbers of buyers and sellers exchange heterogenius products so each produce from has some control over price |
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| Market situation in which relatively few sellers compete and high start up cost form barriers to keep it under competition |
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| Market situation in which a single seller dominates trade in a good or service for which buyers can find no close subsitutes |
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| Local, state, or federal government grants exclusive rights in a certain market to a single firm |
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| Government controls determine businesses ownership profits and resources allocating to acommplish government goes rather than those set by individual firms |
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| Economic system characterized by government ownership and operation of major industry such as communications |
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| Economic system in which all property would be shared equally by the people of the community direction of a strong central government |
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| Economic systems that draws from both types of economies two different degrees |
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| Conversation of government owned and operated companies into privately held businesses |
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| cyclical economic contraction that last for six months or longer |
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| Relationship between the number of units produced in the number of human and other production inputs necessary to produce them |
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| Gross domestic product (GDP) |
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| Sum of all goods and services produced within a country's boundaries during a specific time period, such as a year |
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| Rising prices caused by combination of excesses consumer demand increases and the cost of raw materials, component parts, human resources, and other factors of production |
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| Inflation rate on an economy after energy & food prices are removed |
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| Economic situation characterized by soaring prices |
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| Opposite of inflation, occurs when prices continue to fall |
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| Consumer Price Index (CPI) |
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| Measurement of the monthly average change in price of goods and services |
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| Percentage of the total workforce actively seeking work but are currently unemployed |
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| Applies to members of the workforce who are too temp not working but are looking for jobs |
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| Joblessness of workers in the seasonal industry |
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| People who are out of work because of a cycle con traction and Economy |
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| People who remain unemployed for long period of time, often within little hopes of finding new jobs like the old ones |
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| Averment actions to increase or decrease the money supply and change bank apartment in interest rates to influence bankers willingness to make loans |
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| expansion monetary policy |
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Definition
| increses the monney supply in an effort to cut the cost of borrowing, which encourages,business descion makers, to make new investments,in turn stimulating employment and ecominc growth |
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| restrictive monetary policy |
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Definition
| reducing the money supply to curb rising prices,overexpansion,and concerns about overly rapid econminc growth |
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| government spending and taxiation decsions designed to control inflation, reduce unempployment, improve general welfare of citizens, and encourage ecomnic growth |
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| organizations plan for how it will raise and spend money during a givin period of time |
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| where the government spends more money then it raises in taxes |
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| money owed by the gov. to individuals,businesses, and gov agencies who purchase treasury bills, tresaurty notes, and treasury bonds sold to cover expidentures |
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| excess funding that occurs when gov spends less than the amount of funds raised thru taxes anf fees |
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| where the money taxes and fees is equivilent to tha amount of money the government has spent |
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| domestically produced goods and services sold in other countries |
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| foreign goods and services purchased by domestic customers |
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| difference between nations exports and imports |
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| overall money that flows into and out of country |
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| value of one nations currency relative to the currencies of other countries |
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| reduction in a currency's value relative to other currencies or fixed standards |
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| basic systems of communicatiom, transportation, and energy facilities in a country |
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| tax imposed on imported goods |
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| limit set on the amounts of a praticular product that can be imported |
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| selling product at low low prices lower then what it cost to produce to capture market share from domestic competitiors |
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| total ban on importing specific productsor a total stop in trading with a particular country |
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| restriction on importation of certain products or againsst certain products and expeniture of forgien currency |
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| general argeement on trades and tariffs(GATT) |
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Definition
| international trade accord that substatiually reduced worldwide tariffs and other trade barriers |
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| world trade organization (WTO) |
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| 153 member international institiute that moniters GATT agreements and mediates international trade disputes |
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| international monterary fund (IMF) |
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| org. created to promote trade, elimanate barriers, and make short term loans to members nations that are unable to meet thier budgets |
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| north amrican free trade agreement (NAFTA) |
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| agreement amoung the USA,MX,CAN to break down tariffs and trade descions |
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| central america-dominincan republic free trade agreemnet (CAFTA-DR) |
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| agreement amoung the united states, costa rica, the dominincan republic, el salvador, guatamala, honduras, and nicaragua to reduce tariffs and trade restrictions |
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| 27-nation european ecomonic alliance |
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| barter trade whereby trade between two or more nations invovles payment not of money but of some local product |
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| contract agree. in which franchissee gains the right to prod. or sell the franchisors prod. under the companys brand name if they agree on terms |
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| forgien license agreement |
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| internatioanl agreement in which one firms allows another to produce or sell its product or use its trademark or patent,or manufacturing process in a certain area in return for royalties and compensation |
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| int. agreement that involves hiring local compaines to produce , distribute or sell goodsor services in a certain area |
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| partnership between companies formed for a specific undertaking |
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| multi-national coperation (MNC) |
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| firm with significant operations and marketing activites outside its home country |
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| gloabal business stratergy |
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Definition
| offering a standerized worldwide product and selling it in the same manner thoughtout a firms domestic and forgien market |
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| multi- domestic business stratergy |
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| devolping and marketing products to serve different needs and taste of seperate natioanl markets |
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human resources-employess
entrepunuership-idea to start business
captial-money
natural resouces-land, paper,...etcccc |
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basic rights of the enterprise system
4
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Definition
1-right to pricvate proerty
2-right to profit
3-freedom of choice
4-competition |
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| business ethnics/code of conduct |
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| standards of conduct and morals values regarding right and wrong actions in the work place |
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| they would match people who needed energy with ppl who had it |
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| adhearing to deeply felt ethnical princiapal in business sit |
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| like your friend is getting fired you know but should you be a good friend anf tell him or keep your job and not tell him |
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| common business ethincal challenges |
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1-conflict og intrest
2-whistle -blowing
3-loyalty vs truth
4-honesty and intergrity |
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| business's social responsibilites |
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Definition
4/4
1/4-to the general public
1/4-to customers
1/4-to employess
1/4-to investors and the finacial community |
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| kennedys statement of consumer rights |
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Definition
1-the consumner has the right to safety
2-the consumer has the right to be informed
3-the consumer has the right to choose
4-the consumer has the right to be heard |
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| OSHA- occupational safety and health administartion |
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| make sure business provide a safe workplace |
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prohibited discriminaation in the workplace, race,color,religion,national orgin
later came Disability and age
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| EEOC-equal employment oppurtunity commison |
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| this is who the people would go to if they were being dscrimated against |
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| all take the general curve which is based on supply and demand |
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1-pure
2-monopolistic
3-oligoploy
4-monopoly |
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| whats the oppisite of communism |
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Definition
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| 4 stages of business cycles |
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1-prosperity
2-recession
3-recovery
4-depression |
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| how do you get productivity |
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Definition
output
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input |
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| gross domestic product (GDP) |
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Definition
| sum of all goods and services produced within a countries bounderies during a certain time period |
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1-frictional
2-seasonal
3cyclial
4 structual |
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| the 2 different types of policies |
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Definition
monetary policy
fiscal policly |
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